As grego suggests, talk to your university's newspaper. This is the best way to start off if your school does not offer a photojournalism program.
I think I've gone through a similar situation as you are, so I'll talk a little about what happened with me...
I had an interest sparked in photojournalism (and a respark in photography in general) prior to starting at university last year. I had a year off after graduating high school and couldn't really figure out to do, so decided to go to university for the hell of it (since the parents were always pressuring me to). So off I went.
But since I had somewhat of this renewed interest in photography and photojournalism, I looked up the student newspaper at my university. Luckily, during an orientation the paper had a booth and were asking for volunteer writers, and I asked the girls if they needed any photographers. They gave me the info for the general meeting they were having and I attended it.
So I started off as a volunteer photographer. It was my first time handling a digital SLR (previous 35mm SLR experience helped out a lot) and I was kind of just thrown into assignments. The only paid positions on the newspaper staff are those of the editors and business staff. The rest of the articles and photos all come from volunteers, or else the editors have to do all the work themselves (which happens more often).
The paper has an 'old' Fuji Finepix S1 Pro. It's crap, but it was still something to use. My first few months at the paper were most important. It kind of secured photojournalism as something that I had a serious interest in. I bought my 20D in December 2005, just four months after starting at the paper.
With finally having my own digital SLR, I was able to build up my portfolio more effectively. Every year, the paper rehires each editorial position. Sometimes the current staff reapply, but last year none of the original editors were returning. I applied for Photo Editor, apparently only being one of two applicants, and hired for the job.
Right now, we're only publishing one issue per month during the summer, but once September comes around we'll go back to weekly until April.
As for me, I've really now started to get hooked on photojournalism and want to pursue it as my career. So I've already looked into schools in Canada that offer actual photojournalism programs. Unfortunately, no Canadian universities do have it as a degree program, but there is Loyalist College (Belleville, Ontario) which offers a two year diploma program. I plan on applying for that program following this coming year of university. I don't mind at all 'downgrading' to a college since it's a program that I really have a passion for.
Once you get involved with your university's newspaper, try shooting as wide a variety of subjects as possible. Sports, concerts, events, portraits, environmentals -- try everything. This will not only get you variety in your portfolio, but also will help you find your niche in what you enjoy shooting the most.
During your months outside of school, you may be able to apply to a local newspaper as an intern. Or if you meet some contacts (you should try to) in the professional field, ask if you can go along with them on assignment(s) some time. It is a good experience seeing generally how a newspaper is run through your university's paper... but getting involved with the professionals will open your eyes even more. I would have tried to do this right now during my time off school, but I needed to make more money in order to pay for tuition/expenses along with buying some more gear.
How are you for camera kit? I have managed to get by with just two prime lenses (just the 50mm and 85mm), but I have ordered a 70-200mm (should be here tomorrow! 
) and plan on getting a 16-35mm by the time school starts this fall. You should be able to cover the wide angle and telephoto spectrums... but of course you could probably get away with just a 50mm if you had to 
In terms of finding out what is 'worthy' for shooting... You will definitely find out if you shoot for your university paper. They will have stories and generally (should) know what's going on. Listen to the local radio stations to keep on top of what is happening that you could find interesting to shoot. In terms of spot news (i.e. crimes, fires, etc) many pros use scanners to monitor the emergency response frequencies and they will find out what is happening. The other night, there was a street race in my neighbourhood that resulted in a crash. The only reason why I knew about it was because it was not even 250m away from my house! So I ventured out with my camera and took a few shots.
It isn't very often that you will stumble upon spot news, as this was my first time. If what happened has some 'newsworthy' value to it (usually fatalities do) and you happen to be the only notable photographer there at a crucial time (sometimes a newspaper staffer will show up later) you may be able to sell your shots to the paper. It doesn't hurt to submit them even if the event isn't entirely 'newsworthy,' but still would have some value. I sent in my shots of that street racing crash to my local newspaper because street racing is a problem in many Canadian cities that have caused many fatalities as a result. The federal government is actually working on proposing some tough laws against street racers in Canada, so even though nobody was hurt (thankfully) in the incident I covered I still submitted them because street racing does have somewhat of a value.
Having a good contact helped me out with this spot news. I met a freelance photojournalist in a bookstore (in the photography section... and he had a 20D which gave it away) and he gave me his card. After the incidient the other night, I called him up to find out what it takes to submit freelance photos to the paper, since he is on a part-time contract with them at the moment. He also said that it's good to submit photos because the desk will have seen your work and name and good things can come of that.
I hope this is some valuable advice for you 
I drew upon my own examples, not because I like to talk about myself (which really I don't, ask anyone who knows me personally ), but because I think that hearing other peoples' experiences helps others to learn for their own. I hope that with your interest in photojournalism, you walk into your university's newspaper office and come out with even more of a passion! It's a great field to be in... you can sometimes experience first hand what is happening in the world that directly affects the society you live in. That's what my appeal to it is. Experiencing and learning and sharing life.
